Spend management company Emburse, parent of Chrome River and Certify, last month acquired data analytics firm Data Visualization Intelligence and last week bought app maker Roadmap. At a time when corporate travel remains mostly dormant, the forward-looking stories of these deals mirror classic business tales of challenge and opportunity.

"These are two companies that built it up brick by brick," said consultant Mitch Gross of 12 Squared Growth. "They really focused on product and building long-term businesses. That makes them very appealing for a strategic . . .

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